RBC Foreign Currency Account Review & Alternatives 2025

RBC offers convenient ways to manage your money in CAD - but what about when you need foreign currency services?

There are various RBC foreign currency account products, including the RBC U.S. Personal Chequing Account and the RBC U.S. High Interest eSavings for customers working with USD.

There are also digital saving solutions for GBP, EUR and HKD - but there are no accounts for either small business or personal customers which offer multi-currency features to keep all your currencies together in one account.

In this guide we'll explore the RBC foreign currency account options and also a couple of smart alternatives - the Wise Account for personal and business use, offering 40+ currencies for holding and exchange, and Airwallex for businesses to hold and manage 20+ currencies.

Key points: RBC foreign currency account

Does RBC have a multi-currency account?

RBC does not have a multi-currency account for personal customers. Instead they have the following products:

• RBC U.S. Personal Chequing Account

• RBC U.S. High Interest eSavings

• RBC Hong Kong Dollar eSavings

• RBC Euro eSavings

• RBC British Pound eSavings

These accounts hold one currency each, so if you need to hold more than one currency, you'll have to open several different accounts to do so.

While the selection of account products and currencies may not be exactly the same for business customers, the same applies - multi-currency account products aren't available, so you may find you have to open several accounts to cover your currency needs.

If you'd prefer to hold more than one currency in your account to make transaction and exchanging easier, you may prefer a flexible alternative like Wise or Airwallex.

We'll look at these later in more detail.

How does RBC multi-currency account compare?

In this guide we've got details about the foreign currency products available from RBS, and also a couple of alternative providers to give you some ideas of the options available for you. Let's start with a brief overview of how they compare- there's more about the providers we've selected coming up later.

*Details correct at time of research 7th May 2025

RBC does offer a few different currencies if you want to save, but as accounts do not have debit cards, this is not an ideal solution for people who like to travel or who want an account for online shopping.

Although you can get cash from RBC, fees apply to making in branch cash withdrawals. For many customers, other providers like Wise and Airwallex may be a better fit if you're looking to have more flexibility to use your money across currencies.

What is an RBC foreign currency account?

RBC does not offer a multi-currency account - instead there are the following options for personal customers:

• RBC U.S. Personal Chequing Account

• RBC U.S. High Interest eSavings

• RBC Hong Kong Dollar eSavings

• RBC Euro eSavings

• RBC British Pound eSavings

The USD chequing account could be a good option for people who need to send payments to the US regularly, plus you can get cash from a branch if you need to.

The other products are intended for savings and so may suit people who want to diversify their assets to add in foreign currency saving products.

RBC foreign currency accounts are available for customers who can provide the required paperwork, with no need to also have a CAD account with the bank. Generally to apply you must reside in Canada and have a Canadian address.

You'll be asked to provide ID and a selfie. ID can be a passport from any country, or a driver's licence from Canada or the US.

Best features

• Chequing services for USD, and savings accounts for 4 currencies to allow you to diversify assets

• No ongoing fees for any of the digital savings products

• International payment services available from your account

• Deposit and withdraw cash at a branch if you need to

Supported currencies 🌍

If you want to manage your money in USD you can choose the RBC U.S. Personal Chequing Account or the RBC U.S. High Interest eSavings account. Alternatively there are digital savings accounts for Hong Kong Dollars, Euros, and British Pounds.

Pros and cons of RBC foreign currency account

Alternatives to RBC foreign currency account in Canada

So - if you want a multi-currency account which can cover dozens of currencies in one place, what are your options? Let's take a quick look at some RBC foreign currency account alternatives to give you a flavour.

We've highlighted Wise which offers both personal and business accounts, and Airwallex which is for business customers only. Here's an overview - and we have more on each coming up right after.

*Details correct at time of research 7th May 2025

Wise and Airwallex both use a multi-currency model which means you can hold and view all your currencies in one account - with a great breadth of supported currencies for optimal flexibility.

These are both digital providers - so you can't visit a branch to transact - but you can manage your money with your phone or laptop, making this a convenient and flexible solution for many customers in Canada.

Wise Account

Wise offers accounts for personal and business customers in Canada and many other countries and regions.

You'll be able to hold and exchange 40+ currencies, with mid-market exchange rates whenever you want to convert from one currency to another. This applies when you send a payment, spend with your Wise card, or convert in your account.

If you're converting money for a payment, or to send overseas, Wise has low transparent fees from 0.48% which lets you easily check and compare the costs of your transaction against other providers.

• Multi-currency account and linked card – hold and exchange 40+ currencies, spend with your Wise card in 150+ countries

• Mid-market rate – exchange with the mid-market rate and no hidden fees when you send, or spend

• Receive payments in foreign currencies – get local and SWIFT account details to receive payments conveniently to your account in a selection of major currencies

Wise fees

*Details correct at time of research 7th May 2025

Airwallex Account

Airwallex offers business account products for Canadians which can receive, hold and manage over 20 currencies, and which also allow you to take customer card payments. If you're running an ecommerce store, for example, there are low and no code options to integrate your Airwallex account into your website checkout, or you can get paid with payment links and with local receiving accounts if you'd prefer. Airwallex lets you convert currencies in your account, with a fee of 0.5% for major currencies, and 1% for some more unusual currencies, which can allow you to manage your balance effectively to withdraw it to your CAD bank or use your balance to pay contractors, suppliers or international tax authorities.

• Manage 20+ currencies  – receive and hold 20+ currencies, allowing you to work with customers, contractors and suppliers around the world

• Receive global payments – get paid using card and local payment methods, and get local account details to use with PSPs, marketplaces and on invoices

• Send payments for free – send to 120+ countries for free with local payment methods, and get SWIFT payments where needed for a fee

Airwallex fees

*Details correct at time of research 7th May 2025

What is the eligibility for an RBC foreign currency account?

You can apply for an RBC foreign currency account as a personal customer as long as you have a government issued photo ID and a Canadian address.

You'll often be able to apply online using your ID and a selfie to show the ID really is yours. If you're new to Canada you may also be asked to provide your immigration documents such as your visa.

Tax information is also required.

Who is it good for?

The products from RBC offer most flexibility for customers who manage USD primarily, as there are both chequing and savings account products.

This gives the option to pay bills in US dollars for example, as well as saving. If you want to use the other digital savings accounts in GBP, EUR and HKD, you can do so but bear in mind that there are no debit cards, and there are fees to withdraw over the counter in a branch.

How to open a foreign currency account with RBC

You may be able to open your account with RBC online as long as you have documents which are recognised by the bank's online system.

In this case the process should be pretty easy - and if you don't have standard Canadian or US issued paperwork, you can also visit a branch to open your account instead.

Here's how to open your RBC account online:

1. Download the RBC app or go to the RBC website

2. Select the account you want and tap Apply now

3. Follow the prompts to enter your personal and contact information and your tax details

4. Upload a photo of your government issued ID

5. Take and upload a selfie following the instructions

6. Wait for your account to be verified - you can transact once your details are confirmed by the bank

What documents you'll need

You're asked to provide a proof of ID which must be a government issued photo ID to open your account.

You may also be prompted to upload extra documents if you're a newcomer to Canada, such as proof of your legal resident status in the country.

Finally you can expect to need to take a selfie to allow the bank to match your image with that on your ID document.

RBC US and Foreign Currency Account fees

The costs associated with using an RBC foreign currency account depends on the type of account you choose.

Fees may include a monthly cost, international transfer fees and assisted transaction charges when you deposit or withdraw cash in a branch:

*Details correct at time of research 7th May 2025

RBC exchange rates

Banks like RBC set their own exchange rates and may not be the same as the rate you find on Google or using currency conversion tools.

The Google rate is usually the mid-market rate, but banks will often add a variable fee called a markup or margin to this to calculate the rate they offer to customers sending a payment or transacting.

To spot the markup applied to your RBC transactions, you'll need to compare the RBC rate against the mid-market rate for your currency which you can get from Google or using a currency conversion tool.

Or avoid the maths by choosing a provider which uses the mid-market rate and splits out the fees for the sake of transparency - like Wise.

How to use RBC foreign currency account

The options for how you use your RBC foreign currency account will depend a bit on the specific product you pick.

Here are a few common uses:

• USD chequing accounts offer chequing services and may offer an optional overdraft

• Foreign currency saving accounts pay interest and can help you diversify your investments

• Transfer easily between accounts in your own name, or make payments to others - fees apply

RBC USD Account Products

RBC has 2 products covering US dollar transactions - a chequing account and a savings account. There's a 3 USD monthly fee for the chequing account which then gets you 6 assisted transactions a month before any fee applies.

There are no ongoing fees for the savings product - and you can earn interest - but a fairly steep 3 USD fee applies for each assisted transaction. Debit cards are not available.

RBC Foreign Currency Saving Accounts

RBC also offers digital saving accounts in GBP, EUR and HKD which allow you to save and diversify your funds across different currencies.

This might be handy if you know you have upcoming foreign currency bills for example, as you'll be able to save and then transfer from the account when the bill needs to be paid.

Related article: RBC GBP Bank Account Review 🇬🇧

Is RBC multi-currency account safe?

Yes. RBC is a trusted bank which uses industry leading precautions to keep customers, their accounts and their money safe.

How to use RBC foreign currency account abroad

You can log into your RBC foreign currency account from abroad using online and digital banking services. This will allow you to continue managing payments and viewing your transactions.

However, as the account does not have a debit card, you can't take out cash at an ATM when you go away from home.

Can I access my RBC US and Foreign Currency Account overseas?

You can access my RBC US and Foreign Currency Account overseas using digital banking services, but you won't be able to get cash from an ATM or use the ATM to check your balances, as the account does not offer a linked debit card.

RBC US and Foreign Currency Account limits 

There's usually no limit to the amount you can hold in your RBC account, but transaction limits may apply. These may vary between online and in branch services, so you'll need to check the details in your local branch.

Usually there's a limit of 50,000 CAD or the equivalent for sending online wire payments for example - but you may be able to send more in person.

Conclusion: Is the RBC US and Foreign Currency Account good?

RBS offers personal customers a few different foreign currency account products. If you need access to USD, you may like the RBC U.S. Personal Chequing Account or the RBC U.S. High Interest eSavings product. Customers who want to save in foreign currencies can also open the RBC Hong Kong Dollar eSavings, the RBC Euro eSavings and the RBC British Pound eSavings account.

While all of these accounts have some great features, they're not multi-currency products, and to manage more than one currency you'll need to open multiple accounts. The selection of currencies is also pretty narrow.  As an alternative you might prefer Wise or Airwallex which let you hold dozens of currencies, with linked debit cards, low fees, great rates and an intuitive flexible service . Use this guide to weigh up your options and decide which may be the best fit for your specific needs.

FAQs

Can I open an RBC account with foreign currency?

You can open an RBC account in USD, GBP, EUR or HKD. Deposits can be made in foreign currencies in cash or by electronic transfers. Fees may apply, including exchange rate markups.

Can I deposit foreign currency into my RBC account?

Yes. You can deposit cash in a branch of RBC - but there's a fee to pay in many cases. If you don't intend to deposit cash you might prefer an alternative like Wise or Airwallex  which are optimised for digital account management with the lowest possible fees.

Does RBC have foreign transaction fees?

RBC has various fees when you transact internationally, including overseas payment charges and currency conversion fees. Compare the costs of your RBC account with an alternative like Wise or Airwallex to see which is cheapest for you.